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of <h1>SEBI Issues Guidelines for Rights Issue by InvITs: Board Approval, Merchant Bankers, and Compliance Required.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) outlines guidelines for the rights issue of units by listed Infrastructure Investment Trusts (InvITs). It specifies conditions for issuance, such as board approval and compliance with listing obligations. The InvIT must appoint merchant bankers and may underwrite the issue. A draft letter of offer must be filed with SEBI and stock exchanges, with public comments invited. The issue price and record date must be disclosed, and the rights issue must open within three months of the record date. The circular also details the process for subscription, allotment, and listing of units, emphasizing compliance with minimum subscription requirements and public unitholding norms.
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